MarketWatch: The biggest of the banks were planning on using some of the bailout money to buy smaller banks rather than rewrite loans and save borrowers. They are actually and boldly planning to use taxpayer dollars to finance their Merger and Acquisition

Paulson said he would discuss with his counterparts in G7 countries what more can be done collectively to stabilize the financial system. He said he will be calling for a meeting of the G20, which includes countries with emerging economies.

The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion.

No one expects a wholesale flight from hedge funds. But even a modest outflow could reverberate through the financial markets. To pay back investors, some funds may be forced to dump investments at a time when the markets are already shaky.

If the problem, as "Hank" Paulson repeated Sunday, is that there was no way to value the "troubled" assets, the price is obviously going to be arbitrary. So, why don't we consider it a loan? Banks wouldn't give YOU an extra day/week/month to pay bills...